SoFi Technologies (NASDAQ:SOFI) Stock Price Up 1.9% on Insider Buying Activity

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price rose 1.9% during trading on Friday following insider buying activity. The company traded as high as $7.00 and last traded at $6.96. Approximately 8,571,946 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 51,488,500 shares. The stock had previously closed at $6.83.

Specifically, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the completion of the sale, the chief technology officer now owns 390,616 shares in the company, valued at approximately $2,706,968.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SoFi Technologies news, CEO Anthony Noto bought 28,900 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was bought at an average price of $6.92 per share, for a total transaction of $199,988.00. Following the transaction, the chief executive officer now owns 8,062,269 shares of the company’s stock, valued at approximately $55,790,901.48. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 56,273 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $6.93, for a total transaction of $389,971.89. Following the sale, the chief technology officer now owns 390,616 shares of the company’s stock, valued at approximately $2,706,968.88. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on SOFI. The Goldman Sachs Group upped their target price on shares of SoFi Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, January 30th. Jefferies Financial Group decreased their price target on shares of SoFi Technologies from $15.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, March 26th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. Wedbush reissued an “underperform” rating and issued a $3.00 price target on shares of SoFi Technologies in a report on Tuesday, April 30th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $6.50 price target (down previously from $7.00) on shares of SoFi Technologies in a report on Wednesday, January 31st. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $9.08.

SoFi Technologies Stock Up 1.3 %

The firm’s 50-day simple moving average is $7.25 and its 200 day simple moving average is $7.81. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.24 and a current ratio of 0.93. The stock has a market capitalization of $7.32 billion, a P/E ratio of -22.32, a PEG ratio of 1.59 and a beta of 1.75.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, April 29th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. SoFi Technologies had a negative net margin of 8.21% and a positive return on equity of 1.10%. The firm had revenue of $580.60 million for the quarter, compared to analysts’ expectations of $555.27 million. During the same period in the previous year, the firm posted ($0.05) EPS. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. As a group, research analysts expect that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Institutional Investors Weigh In On SoFi Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOFI. Cetera Advisors LLC raised its holdings in shares of SoFi Technologies by 311.9% in the 1st quarter. Cetera Advisors LLC now owns 478,212 shares of the company’s stock valued at $3,491,000 after purchasing an additional 362,114 shares during the period. Cetera Investment Advisers raised its holdings in shares of SoFi Technologies by 905.2% in the 1st quarter. Cetera Investment Advisers now owns 779,982 shares of the company’s stock valued at $5,694,000 after purchasing an additional 702,385 shares during the period. Burney Co. bought a new stake in shares of SoFi Technologies in the 1st quarter valued at about $1,324,000. Second Line Capital LLC raised its holdings in shares of SoFi Technologies by 1.6% in the 1st quarter. Second Line Capital LLC now owns 241,246 shares of the company’s stock valued at $1,761,000 after purchasing an additional 3,700 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of SoFi Technologies in the 1st quarter valued at about $670,000. 38.43% of the stock is owned by institutional investors.

SoFi Technologies Company Profile

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money.